Mortgage Calculator — Monthly Payment, Amortization Schedule & Term Comparison
Qimani's free mortgage calculator helps you estimate your monthly home loan payment and understand the full cost of your mortgage. Enter your property price, down payment, loan term, and interest rate to instantly see your monthly payment broken down into principal, interest, property tax, insurance, and PMI — plus a full amortization schedule and loan term comparison.
How to Use the Mortgage Calculator
Enter your property price and down payment under Loan Details — the calculator automatically shows your down payment as a percentage. Set your loan term in years and your annual interest rate. Under Additional Monthly Costs, add your monthly property tax, property insurance, and PMI if applicable. Click Calculate Payment to see all results including charts and your full amortization schedule.
What the Four Tabs Show
- Overview: A chart of your remaining loan balance and cumulative interest over the full loan term, plus your monthly P&I payment and other costs.
- Amortization: A stacked bar chart of annual principal vs interest payments, a summary table of the first and last five years, and a button to view the complete month-by-month schedule.
- Payment Breakdown: A doughnut chart showing how your total monthly payment is split between principal & interest, property tax, insurance, and PMI.
- Term Comparison: A side-by-side comparison of monthly payments and total interest paid for 15, 20, and 30-year loan terms using your property details.
Mortgage Calculations in Kenya
In Kenya, mortgage lending is governed by the Central Bank of Kenya. Commercial banks including KCB, Stanbic, Absa, Co-operative Bank, and HF Group offer home loans. Rates typically range from 12–16% per annum. This calculator supports KES, USD, and EUR, making it useful for both local buyers and diaspora investors financing property in Kenya.
Understanding Your Amortization Schedule
In a standard amortizing mortgage, each payment is the same amount but the split between principal and interest changes over time. In the early years, the majority of your payment goes to interest. By the final years, nearly all of it reduces your loan balance. This is why making extra payments early in your mortgage has the biggest impact on total interest paid.
Tips for Reducing Your Mortgage Cost
- Increase your down payment to reduce the loan amount and eliminate PMI.
- Choose a shorter loan term to pay significantly less total interest.
- Improve your credit score before applying to qualify for a lower rate.
- Make extra principal payments early in the loan term to save on interest.
- Compare offers from multiple lenders — even a 0.5% rate difference matters.
Frequently Asked Questions
- Does the calculator include property tax and insurance?
- Yes. You can enter your monthly property tax and insurance amounts separately. The total monthly payment shown includes all four components: P&I, tax, insurance, and PMI.
- Can I see a full amortization table?
- Yes. Click the Amortization tab and then "View Full Schedule" to see every payment for the life of the loan in a scrollable modal.
- Is this calculator free?
- Yes. Qimani's mortgage calculator is completely free with no registration required.
